New Financial Rules From 1st July: Aadhaar For PAN, Credit Card Updates And Key Changes
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New financial rules from July 1, 2025: mandatory Aadhaar for PAN, extended ITR deadline, revised credit card charges by SBI, HDFC, ICICI, and higher ATM fees by Axis Bank.
New Financial Rules From 1st July: Several new money-related rules are set to become effective starting July 01, 2025 that will impact your pockets directly or indirectly. Knowing them beforehand will help you to avoid any negative consequences and be prepared for these changes. A flurry of important financial changes will be implemented, spanning from mandatory Aadhaar for PAN to new credit card rules.
Aadhaar Verification Necessary For New PAN Cards
The Central Board of Direct Taxes (CBDT) has announced that Aadhaar verification will be mandatory for new PAN card applications from July 1. It aims to enhance tax compliance and promote digital integration. Previously, a valid ID and birth certificate were sufficient to obtain a PAN.
Extension of ITR Filing Deadline
The Central Board of Direct Taxes (CBDT) has extended the ITR filing deadline to September 15, 2025, which was supposed to end this month end i.e. July 31, 2025. It allows taxpayers more room to file their returns without any hurry, mitigating the possibility of errors and wrong filings.
Revised Credit Card and Banking Charges by SBI, HDFC, and ICICI
Starting July 15, 2025, SBI Card will revise its Minimum Amount Due (MAD) calculation for credit card bills, including the full GST, EMI amounts, fees, finance charges, and over-limit amounts, plus 2% of the remaining unpaid balance. Payments will follow a fixed sequence, prioritizing GST, EMIs, fees, finance charges, balance transfers, retail transactions, and cash advances. Additionally, SBI Card will discontinue complimentary air accident insurance, removing the Rs 1 crore cover for ELITE, PULSE, and MILES ELITE cards and the Rs 50 lakh cover for PRIME and MILES PRIME cards, affecting both existing and new cardholders.
From July 1, 2025, HDFC Bank will impose a 1% fee on online skill-based gaming and wallet load transactions exceeding Rs 10,000 monthly, capped at Rs 4,999, with no reward points earned on these. Utility bill payments above Rs 50,000 (consumer cards) or Rs 75,000 (business cards) will incur a 1% fee, capped at Rs 4,999, while rent, fuel (above Rs 15,000 or Rs 30,000 based on card variant), and education payments via third-party platforms will retain a 1% fee, capped at Rs 4,999 per transaction. Reward points on insurance will be limited to 10,000 for Infinia/Infinia Metal, 5,000 for Diners Black/Biz Black Metal, and 2,000 for most other cards, with no cap for Marriott Bonvoy cards; all fees will attract GST.
Following the other banks, Axis Bank has announced to increase ATM charges exceeding the free limits to Rs 23 per transaction from Rs 21 per transaction from July 01, 2025. This change will affect both Axis and non-Axis ATM users, including Priority and Burgundy category customers.
Several other lenders have already increased the ATM charges from May 01 due to rising operational costs and improving service delivery.
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